PARTNERS

OFFICE 2016

Blog

As we approach the end of 2017, small business owners are looking back on the previous year and preparing for the next. In both situations, auditing your
financial practices should be a vital addition to your task list. Knowing the financial health of your company influences the key decisions that you
and your team will make in the coming months. This practical process also helps identify financial management practices that seem ineffective or even
obsolete.

Let's discuss a few ways to efficiently audit your small business practices.

- Designate and delegate: Knowing what your team members and company use for various processes and transactions helps keep everyone accountable.
Designate items such as a company credit card, a company bank account, a specific financial record-keeping software (Quickbooks, Freshbooks) and a
designated financial "point person" (don't hesitate to add this person to your staff if need be).

- Plan, budget and execute: Your business accrues a lot of unexpected expenses some years, but for the most part, your team can figure
out the common items for which you need to designate funds as well as sections of the budget that can be eliminated or cut back. Seek out expert information
on vendors and item costs before making any decisions that could waste money for more important endeavors.

- Provide financial management updates through weekly or monthly meetings: Obviously, your time as a small business owner should not be
bogged down with all-day meetings, but a weekly or monthly financial management meeting is a crucial investment for your company. Choose the specific
members for the meetings and optimize your time by keeping things short and having a designated agenda to review and push forward. Look at key metrics
such as profit and loss statement reviews and balance report analysis.

- Set measurable goals and review progress: Objectives, goals, targets. Whatever your company's lexicon, what you plan for is something
you need to be sure you can measure. Sales and marketing departments will most likely make up this responsibility, but be sure to keep everyone else
in the company aware of what you want the company to accomplish and the progress that your team makes. For sales processes, pipelines and guidelines,
be sure to have ample documentation that can be access at all times.

In need of some further tips or advice? Email leijun@campbellbusinessservices.com

Nostalgia for 80s and 90s culture is all over the internet, especially social media. However, one place this mindset doesn't belong is in your practical
processes for your small business or startup.

Certain technologies and ways of communicating may see completely natural to your organization. You may favor Microsoft Word for document creation,
PowerPoint for information decks and slides, Microsoft Excel for spreadsheets and analytics presentation, paper memos for important announcements,
rolodexes for customer/client information, phone calls for internal office communication and email or flash drives (hopefully not floppy disks)
for large file distribution. Below we'll help you bring these processes into the 2010s.

- Documents: Most workers these days have used Microsoft Word as a basis of their office applications, usually learning how to type
and compose documents in the software. While this approach may seem logical for one-off information deliveries, you may consider using something
like Google Docs as a way to easily distribute the documents and allow for input and changes whenever necessary, especially when the document needs
to be checked by multiple people.

- Announcements: On a similar note, physical memos distributed for office announcements wastes paper and clutters desks and trashcans.
Email is a more cost-effective alternative for alerting your staff of any upcoming events or policy changes. You can even use a tool like Boomerang
to help schedule your emails if you have multiple announcements to make throughout the week or month.

- Client information: You may have a rolodex or even an email address book to keep up with prospects and leads, but oftentimes, that's
far from enough to help organize all of your data. Using a customer relationship management (CRM) system allows you to create various accounts
and categories for all of the people and clients you meet. You can even track the sales process from initial meeting to closed deal.

- File distribution: Though you can deliver files up to 25 MB in certain email providers, documents and other type of files larger
than 25MB would have to be broken up into multiple emails or transferred via a flash drive or external hard drive. By paying a small monthly or
annual fee depending on your needs, you can create a Dropbox account. You can decide who has access to your files or just send a link with the
ability to download but not edit.

- Presentations, data and analytics: Though PowerPoint and Excel can be crucial business tools, the flexibility that online applications
provide should not be ignored. Google's Slides and Sheets can make delivery of these presentations and analytics incredibly easy. As mentioned
in many of the above sections, collaborative teams and offices benefit from the ability to review and edit in real-time. You can also access PowerPoint
and Excel on the internet via Office365.

- Office communication: Although email seems like big step away from phone calls towards tech-savvy office management, you can go
even further by using messaging systems such as Google Hangouts and Slack, which allow you to monitor who is available on your team to talk at
any given time. You can also send files and images for immediate download.

For more tips like this, be sure to contact us at leijun@campbellbusinessservices.com!

Though we know some of you are pounding the digital pavement from your home offices, a lot of you in the small business world work from a traditional
office or co-working space. Though you may delegate a few tasks to virtual assistants, your physical location is the destination for your full-time
and/or part-time staff.

The buzzword "company culture" may elicit some eye rolls; however, making sure your company evokes both happiness and productivity is not an entrepreneurial
or corporate pipe dream. Below we list some of the ways for creating the ideal workplace environment

1. Minimize meetings - This advice seems much easier said than done as we often feel our meetings can produce monumental innovation and crucial
client acquisition. If we are being honest, these "wins" happen less than we think. Out of a out-hour meeting, sometimes only 25% (or less) of
the time yields anything productive or pertinent to your company's growth. If you need currently all of your weekly meetings to occur and cannot
streamline communication through email or other digital applications, you can at least cut down on the time spent at the conference table. For
the next few months, limiting your typical 60-minute weekly meeting to half an hour. You most likely won't even miss that other 30 minutes and
will still accomplish what you need to get done.

2. Establish clear guidelines for communication - At this time, several generations exist inside a company whether the employees are Baby Boomers,
Gen Xers or Millennials. And of course, each generation prefers a specific communication tool. However, instead of trying to analyze everyone's
habits, you can try establishing an order of communication lines. For example, if a task or question needs attention but can wait a day or more,
email the team or employee. If you need something completed within a few hours, try a companywide, instant message platform such as Slack or Google
Hangouts. And if you have a completely unavoidable situation that must be resolved immediately, go for the telephone or face-to-face communication/surprise
visit approach. You can implement these rules however you see fit, but be willing to give this strategy a shot and document which guidelines for
communication work best.

3. Allow for moments of levity throughout the work day - You may read that suggestion and automatically think of Google-esque work environments
with scooters, rock walls, dance parties and anything and everything seems completely unrelated to the task at hand. No one is asking for employers
to go to that extreme, but implementing a few ways for team members to enjoy their work day is not a detriment to productivity. Some employers
may let the workers dress casually, some may allow music to be played at low volumes or in headphones or some may offer free healthy snacks and
coffee. You have to analyze the best tactics for YOUR company. Feel free to experiment subtly and see what happens.

If you would like some more information on creating a happy and productive office, feel free to email us at leijun@campbellbusinessservices.com!

As much as we businesses owners want to be personally involved every single aspect of our company, there eventually comes a point when the business is
growing too much for one or a few people. To make sure each part of the proverbial business “ship” is running smoothly, owners and managers must establish
efficient procedures, processes and systems.

Here are a few tips on making that happen.

Today is the best day to start - If you are reading this at your desk and have not begun to establish your company’s systems, do not
delay anymore. Develop three to four key areas in which you want to root your business philosophy and mission. These can be broad at first and
then specified over the next several months. However, the key is to get the ball rolling as quickly as possible.

Write it down - Documentation is crucial to your systems. Of course, you can audit and adjust things as necessary, but having the
procedures in written and printed form add a sense of stability and efficiency.

Anticipate possible issues - Sometimes, what seems great on paper may not work out as well in practice. When you establish those three
to four key areas of your business, analyze ways the systems can both succeed and possibly fail. Think in terms of productivity as a business owner,
manager, employee, vendor and client/customer. Engaging these perspectives can sometimes prevent future issues.

Give your managers a chance to review the systems before they become official - Similar to the previous tip, a roundtable discussion
via email, conference call or physical meeting can provide value feedback from people who will be responsible for implementing and maintaining
these systems on a daily basis. Allow yourself to be open to questions and possible critiques. Once you have a mutually approved list of systems,
document them and send out. Things may not come easily at first (like all new things), but hopefully your systems will help kick start a business
mission that is ever eager to expand and grow.

For more tips on developing systems for your business, email leijun@campbellbusinessservices.com!

Learning how to balance the operations and sales/marketing of your business with the systems and processes of your business is crucial to establishing
a path for future success and growth. Creation, development, auditing, documentation and collaboration represent five steps you can take to make these
objectives achievable.

What do you feel are ways that your company has developed practical processes?

This past Wednesday, June 21st, marked the first day of summer. Activity in your work or home office may have slowed down for the season, but this
slight lull could be the perfect opportunity to review your company's progress for the first half of 2017 as well as refine your plans for the
rest of the year.

Your financial management, in particular, should always be checked, measured, analyzed and refined. We will give you a few of the most crucial items
to include on your midyear checklist. Keep reading for more information and be sure to let us know what you would add!

1. Check your prepared budget against your current spending: "Budget" may be one of the least liked, yet most important words in the
business lexicon. Your business cannot survive without the creation of a budget and also the fulfillment of a budget. Bring up the documents you
created at the beginning of 2017 or end of 2016 and cross-examine each category and item with what you actually spent on said items. If you're
on your way to healthy year-end profit and positive cash flow, celebrate and keep pushing forward. If not, grab all of your head staff and determine
what areas of spending can be cut or reduced. You still have a little over six months to turn things around, but no use in waiting.

2. Check your balance sheet for any missing or uncollected payments: If you are a solopreneur or small business owner, you are constantly
being thrown new information about vendors and clients. Without proper systems in place for payables, receivables, bills and invoices, you can
miss crucial payments and deadlines. Take time this last week of June to catch up on your balance sheets and income statements. Don't stop until
each document is properly filled and all payments are made and received.

3. Make sure your tax documents are correct for all aspects of your business: We're just two months out of the dreaded tax season,
but you cannot go wrong by trying to prepare for next year. You want to make sure no stone is left unturned with this side of financial management.
Though some of you may hire an outside tax accountant for those first few months of each year, consider bringing one in for this next week just
to audit your books and make sure everything is on track. You'll breathe easier knowing you have a rock-solid vision and strategy for the rest
of 2017

Other important items for your midyear financial management checklist:

- Job-cost reports

- Estimates versus actuals details

- Profit/loss actuals

- Sales and marketing goals

- Customer satisfaction ratings

For more information on financial management, please email us today at leijun@campbellbusinessservices.com!

We want to give you something to look forward to every week, so starting today, we are unleashing our Financial Friday series that will feature a mix of blogs, infographics and more. Keep reading for the first post!

The four practical processes we advocate at Campbell Business Services are financial management, operations management, talent management and sales and
marketing management. Today, we want to delve a little deeper into that first process with a look at cash flow.

We'll define cash flow as "the net amount of money that comes and goes out of a business during a particular period." The positive cash flow occurs when
a business has more cash at the end of a period than at the beginning. The flip side would be to have less cash at the end of a period, indicating
a negative cash flow.

Obviously, all of us would love a positive cash at the end of each period. However, with your many responsibilities as a small business owner, you may
have a tough time establishing and maintaining a positive cash flow.

Here are a few tips for achieving this financial management goal:

1. Find ways to cut, or at least reduce, your major expenses: It's hard to maintain this objective in our personal finances, let alone
for our businesses. Though this process will always be easier said than done, you must figure out at least a few items to focus on that could greatly
impact your cash flow. Budget as much as you can each month (of course, there will be emergencies here and there). If you find a similar vendor who
can reliably provide you the same product or supplies at a more affordable, consider that option and weigh out the pros and cons on budget sheet. Results
will be small when you first start this process; however, continue to refine your process until you begin seeing the impact on your cash flow that
you need.

2. Get cash faster from customers, clients and receivables: No business wants to feel like they are a collection agency, but no business
wants to be bankrupt either. Before entering agreements with customers and clients, be sure to define your payment requirements and deadlines by sending
out invoices as soon as possible. You can even include a percentage discount, or incentive, for clients who pay off their debt early. This process
will also keep you and your accountant from sweating at the end of the month because you won't have several unpaid invoices.

3. Take loans with manageable payment options: In addition to invoices to clients, your business will receive monthly billing statements
if you take out loans. These payments can put a strain on expanding your cash flow because you have to always meet these obligations first to avoid
strict penalties. When applying for loans, be sure to only take out the ones with reasonable terms that will give you at least a small cushion for
increasing your cash flow. Though a few exceptions exist, most of these loans will come with interest after a specified time period. Paying them off
early can save you money that can be put towards your cash flow.

We hope these tips help. Feel free to email us at leijun@campbellbusinessservices.com if you'd like more information on establishing positive cash flow.
We look forward to hearing from you!

Tax season 2017 is finally coming to an end, and we hope you have been able to get everything correctly filed on deadline. Whether you are a detailed individual
versed in important tax policies for your small business or you took the step of hiring an outside accountant, everyone can bring a sigh of relief
knowing that another year of filing has passed. If you fell into the latter category and experienced a negative or slightly uncomfortable time with
the accountant you hired for this past year, we can give you a few tips to make sure the next selection process is much more pleasant.

- Hire someone who communicates with you on a daily or weekly basis and has a quality reputation in your state: Reliability
in financial management is crucial for any business, especially when you are running most of the operations by yourself or with a small staff. You
want an accountant who you can trust with communicating with the right people, compiling the right documents and filing the right reports. Also be
sure to check with your state's accounting board to make sure your new accountant will provide you the best experience.

- Hire someone who knows the rules of your industry and stays up-to-date with both the big and small changes: Knowing all of the tax and financial
guidelines/rules related to your company makes an accountant a viable asset for your small business, especially if your focus is on a niche product
or market. You also need an accountant who will keep a pulse on any changes to procedures that could directly affect your business, so that you can
focus on making your company the best it can be.

- Hire someone who is willing to explain your financial statements fully and answer any questions you may have: Though you will want to spend most
of your energy on your company's daily operations while delegating the important details and financial processes to an expert, make sure you hire an
accountant who is willing to keep you informed on a regular basis, especially when a potential problem or issue arises. Make sure your accountant has
an open door policy when it comes to questions about your company's financial health. No one enjoys shocking surprises when it comes to money.

For more information on how we can help you with your financial management, email us at leijun@campbellbusinessservices.com!

We love discussing the practical processes you need for running a successful company or small business. Now I want to give you a quick list of tools that
have helped me and that I believe could work wonders for your company in maintaining your practical processes.

Email - serves as your main source of initial and continuous contact between you, your clients, your staff, your vendors and more.
I recommend email services such as Outlook or Gmail.

We present to you a visual representation of last week's blog post on raising the bar with your practical processes at your small business. If you
have any questions, email leijun@campbellbusinessservices.com